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Now that KE is ING
Thinker
Posts: 56 Forumite
This follows along the line of another thread but is more about the mechanics of the situation.
I, along with many of you, am not convinced that the passport scheme which ING signed up to is enough safety for me in this climate. I hear that ING is relatively well placed and not too badly exposed to toxic debt but, I actually know very little about the bank itself.
What I have learnt in the last two days is that goverments look after their own in a crisis, iceland case in point. If I leave my money with ING and the bank goes down and then the dutch authorties reneg or are unable to compensate UK depositors, as with the icelandic government, Gordon Brown would almost certainly wash his hands of us. Infact, it becomes clear to me that Brown has brokered the ING deal quietly behind the smokescreen of the Icesave fiasco, only so we (British KE UK customers) are no longer on the FSCS books. Smooth work, as no journalist seems to have pinned him or Alistar Darling down on the Kaupthing compensation situation as they did with Icesave.
Are ING allowing / processing transfers from the existing Kaupthing Edge accounts out into our linked accounts?
I hear people have been having trouble transferring funds. I dont want to authorise a transfer only to have my money sitting out in the ether. This would only make the transition to ING more problematic and and probably errorsome.
I, along with many of you, am not convinced that the passport scheme which ING signed up to is enough safety for me in this climate. I hear that ING is relatively well placed and not too badly exposed to toxic debt but, I actually know very little about the bank itself.
What I have learnt in the last two days is that goverments look after their own in a crisis, iceland case in point. If I leave my money with ING and the bank goes down and then the dutch authorties reneg or are unable to compensate UK depositors, as with the icelandic government, Gordon Brown would almost certainly wash his hands of us. Infact, it becomes clear to me that Brown has brokered the ING deal quietly behind the smokescreen of the Icesave fiasco, only so we (British KE UK customers) are no longer on the FSCS books. Smooth work, as no journalist seems to have pinned him or Alistar Darling down on the Kaupthing compensation situation as they did with Icesave.
Are ING allowing / processing transfers from the existing Kaupthing Edge accounts out into our linked accounts?
I hear people have been having trouble transferring funds. I dont want to authorise a transfer only to have my money sitting out in the ether. This would only make the transition to ING more problematic and and probably errorsome.
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Comments
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Gordon Brown would almost certainly wash his hands of us. Infact, it becomes clear to me that Brown has brokered the ING deal quietly behind the smokescreen of the Icesave fiasco, only so we (British KE UK customers) are no longer on the FSCS books.
This speculation and anger is pointless...particularly as the Iceland situation isn't the government's making and they have already moved to ensure that UK Icesave customers are going to be fully compensated despite there being no legal obligation to do so.
Those of us with KE should be thankful that we're not in the same mess as the Icesave customers.
My real interest is in answers to some simple questions:
- Are there any reported difficulties, if any, surrounding moving money out of KE?
- What are the pros and cons of keeping money in KE now that it is under the control of ING?
- What are robust alternatives for people who feel that the cons out-weigh the pros? It seems to me that B&B is fairly attractive with a 6.5% rate, relative security (which is all you can hope for at the moment), and is fully covered in the UK.0 -
yes but the UK gov has been notably silent about the fact that KE customers, previously covered by the UK FSCS, are now it would appear no longer covered by the scheme. This is a huge change in my terms and conditions - I choose KE for its 100% FSCS guarentee- in other words "I did everything right" but still get potentially shafted if the dutch poo hits the fan.
Like I say, if ING went to the wall and the dutch gov renneged, Brown would be saying, 'nothing to do with me guv'! This situation, if it were to occur couldnt be legal could it as its a massive change to KE UK terms which I have neither agreed nor even informed about - listen to that silence!
Thats my point made... I still wish to know from anyone who knows, are transfers still working out of KE accounts?0 -
What I have learnt in the last two days is that goverments look after their own in a crisis, iceland case in point.
Got it in one. Governments are only responsible to those who elect them.
There are no votes in saving foreigners money - but using it to protect your own voters - that's clever.0 -
yes but the UK gov has been notably silent about the fact that KE customers, previously covered by the UK FSCS, are now it would appear no longer covered by the scheme. This is a huge change in my terms and conditions - I choose KE for its 100% FSCS guarentee- in other words "I did everything right" but still get potentially shafted if the dutch poo hits the fan.
Like I say, if ING went to the wall and the dutch gov renneged, Brown would be saying, 'nothing to do with me guv'! This situation, if it were to occur couldnt be legal could it as its a massive change to KE UK terms which I have neither agreed nor even informed about - listen to that silence!
Thats my point made... I still wish to know from anyone who knows, are transfers still working out of KE accounts?
Hi there, they most certainly are, just taking a while to register. Yesterday I moved a sum out, which supposedly went through, but then my 'balance' returned to the original. I decided to sit it out until today, no change, so this morning I transferred another bit out (tuition fees to cover, hooray!), and again the same thing happened, said it had gone through but then didn't change the overall balance. However, I've just logged on again, and both withdrawals are now showing up properly. All that remains is for the money to enter my account by BACS, which normally takes 3 days anyway. I think it's just all a mite clogged up, hope that reassures you a bit
EDIT: PS, that was on the instant access account, can't speak for any bonds I'm afraid x0 -
cheers mate, thats quite clear. I may have a go tomorrow. hope ING is still around tomorrow morning lol0
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sloughflint wrote: »BACS transfer ( weekend request) from KE should have appeared in linked account today. Not present.
I too did a weekend BACS transfer, yet to appear in my linked account....
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yes but the UK gov has been notably silent about the fact that KE customers, previously covered by the UK FSCS, are now it would appear no longer covered by the scheme. This is a huge change in my terms and conditions - I choose KE for its 100% FSCS guarentee- in other words "I did everything right" but still get potentially shafted if the dutch poo hits the fan.
Why do you think this is the case? As far as I can see ING is in the same position as Kaupthing Bank, as they have both "topped up" to the FSCS.Warning ..... I'm a peri-menopausal axe-wielding maniac
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I am not sure if they are registered under fscs scheme look here
http://www.fsa.gov.uk/register/firmMainSearch.do;jsessionid=b347b74839504010b217c1af4ca86f9d.s6fNml1Ka38InBbv-ArJrwTPoNCNa30Ocybtah0IaNuIahiIbh0IaNfwmxiInxiObk9ynhvybMSHc30Ka2aToi5hch0Na2TSn7bvq70KawTAqQ4InQXQ-BjF8NaPc34TbwbMnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__
Link not working properly just type in ING Direct in the firm name boxMortgage
June 2011 £145,943.13
Dec 16 £74,537; Feb
Aug 17 £59,399.96
Nov 19 £0.000 -
I am not sure if they are registered under fscs scheme look here
http://www.fscs.org.uk/consumer/How_to_Claim/Deposits/EEA_firms_that_have_topped_up/0 -
I am not sure if they are registered under fscs scheme look here
http://www.fsa.gov.uk/register/firmMainSearch.do;jsessionid=b347b74839504010b217c1af4ca86f9d.s6fNml1Ka38InBbv-ArJrwTPoNCNa30Ocybtah0IaNuIahiIbh0IaNfwmxiInxiObk9ynhvybMSHc30Ka2aToi5hch0Na2TSn7bvq70KawTAqQ4InQXQ-BjF8NaPc34TbwbMnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__
Link not working properly just type in ING Direct in the firm name box
But they're on the FSCS listWarning ..... I'm a peri-menopausal axe-wielding maniac0
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